"As this chapter ends for us a new one begins," Trawick said in the statement. "I love and cherish her and her boys and we will be close forever."

The couple started dating in 2009.

Trawick told " Access Hollywood" in December 2011 that he got down on one knee to pop the question and Spears' sons, Sean Preston and Jayden James, witnessed the proposal.

But Spears' representative, Jeff Raymond, said they've now decided to be just friends.

"Britney Spears and Jason Trawick have mutually agreed to end their one-year engagement," Raymond said. "As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends."